TEHRAN – The head of the Iran-Kuwait Chamber of Commerce has criticized the low level of trade relations between the two neighbors, calling for an increase in trade exchanges between the two countries, IRNA reported.

Ebrahim Gholamzadeh put Kuwait's imports from other countries at about $52 billion based on the latest statistics and said: “Despite having the privilege of being a neighbor to Kuwait, Iran has a very small share of the mentioned figure, which should be increased.”

Speaking in a press conference in Tehran on Saturday, Gholamzadeh invited Kuwaiti businessmen and investors to visit Iran to learn about the countless capacities and golden investment opportunities in the country, and added: “Iran is ready to welcome foreign investors, especially from Kuwait, in various fields, including industry, agriculture, services and tourism.”

“The existing capacities in the agriculture and industrial sectors of our country can contribute to the food security of Kuwait,” the official said.

He further put the Islamic Republic exports to Kuwait in the previous Iranian calendar year (ended on March 19) at $198 million, adding that Kuwait also exported $12 million of goods to Iran in the mentioned year.

Food products, construction materials, and minerals were the top commodity items exported from Iran to Kuwait, while machinery and industrial equipment accounted for the lion's share of Iran’s imports from the Arab neighbor.

Back in June, Iranian Ambassador to Kuwait Mohammad Toutounchi and Kuwaiti Minister of Commerce and Industry Omar Saud Al-Omar held talks and called for developing a roadmap to broadening trade exchanges.

During the meeting, Toutounchi emphasized that the current economic ties between the two countries are one-sided and do not reflect their long-standing political and cultural relations.

He suggested that establishing a joint trade committee after a nine-year hiatus and organizing an exhibition of Iran's export capabilities could boost trade, particularly in the food sector.

Meanwhile, Al-Omar expressed Kuwait's willingness to enhance bilateral trade and economic cooperation with Iran, hoping that the joint trade committee would pave the way for greater trade cooperation in the near future.

EF/MA